Save Article

Bad Loans Hurt Banks' Earnings;
J.P. Morgan Chase Misses Estimates

By

Jathon SapsfordStaff Reporter of The Wall Street Journal

Updated Jan. 18, 2001 12:01 a.m. ET

J.P. Morgan Chase & Co. disappointed Wall Street with lower-than-expected fourth-quarter earnings, but investors were encouraged that the bank has managed to sidestep the wave of dud loans sweeping the rest of the industry.

FleetBoston Financial Corp., meantime, met analysts' expectations, despite a sharp slowdown in its securities-related businesses, while State Street Corp. missed earnings estimates despite strong revenue and bottom-line growth in the final three months of last year. Wachovia Corp. said earnings fell,...